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The application discloses an alloy steel cutter material and a preparation method thereof. The alloy steel cutter material is composed of at least two kinds of heterogeneous steel powder, including high-carbon high-chromium alloy steel powder and medium-carbon stainless steel powder. The high-carbon high-chromium alloy steel powder contains 0.95-1.10 wt% of C, 13-15 wt% of Cr and 3-5 wt% of Mo, and the medium-carbon stainless steel powder contains 0.45-0.75 wt% of C and 12-14 wt% of Cr. The average particle size D50 of the powder is 50-80 mu m, and the microstructure of the alloy steel cutter material includes ferrite and / or martensite matrix, and also includes dispersedly distributed carbide. The alloy steel cutter material can realize continuous and clear patterns, high light-dark contrast, high hardness, high sharpness, high durability and excellent corrosion resistance.